CanCambria Energy Corp. press release
Pincher Creek Exploration Update
TSXV - TSX Venture Exchange · Canada
Trading Symbol: PNN - TSX.V
CALGARY, Feb. 15 /CNW/ - Pennine Petroleum Corporation (PNN on TSX.V) (the "Company") is pleased to announce it has entered into a farmout agreement with Mercury Resources with respect to its Pincher Creek project located 175 km south of Calgary, Alberta. The Company intends to drill into the Rundle zone, which is expected to be encountered at a depth of 13,000 ft. The Company is farming out 41.25% of this test on a 100 for 50 basis, and will retain a 34.5% interest in this prospect for a capital commitment of 16.5% in the drilling and casing of this well. The Company has completed its soil and water analysis around the drill site and expects to commence its program in Pincher Creek in March of 2007. Additional information concerning this development program will be announced upon initiation.
This prospect lies within 2 miles of Rundle production, and Pennine's third party engineering reports estimate prospective resources ranging from 18,000 MMscf to a high of 30,000 MMscf. This prospect lies in an active gas producing area, and offsets some of the largest producers in the Pincher Creek field. The Company believes great potential lies in this field and is pleased to announce the commencement of its development program for the area.
About Pennine Petroleum Corporation.
Pennine Petroleum Corporation is an emerging oil and gas exploration and development company with active projects located in Alberta, Saskatchewan, British Columbia, Italy and Tunisia. The Company intends to create growth in production cash flow by focusing on drilling and well re-completions on selective land areas in which the Company operates.
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